GBP/NZD may rise 99 - 147 pips

Our pivot point is at 2.1179.

Our preference

Look for a drop towards 2.1179 before a bounce.

Alternative scenario

Below 2.1179, expect 2.1099 and 2.1051.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the pair is trading under its 20 period moving average (2.1249) but above its 50 period moving average (2.1237).

Supports and resistances

2.1489 **

2.1442 *

2.1394 **

2.1346

2.1247 last

2.1210

2.1179 **

2.1099 *

2.1051 **

Number of asterisks represents the strength of support and resistance levels.